From TRD New York: Kushner Companies’ real estate kingdom is under threat from a ticking debt clock on the firm’s flagship asset and an ever-shrinking pool of investors willing to consider rescuing it. Meanwhile, the firm is retreating from one of its biggest Brooklyn bets and continues to face government scrutiny into the business dealings of its former CEO and current White House adviser, Jared Kushner.
The firm has sought capital from the likes of France’s richest man, a major Chinese insurer, South Korea’s sovereign-wealth fund and an Israeli billionaire family to redevelop 666 Fifth Avenue, its 41-story, 1.5 million-square-foot tower that put the company on the Manhattan map. None of those talks came together, according to a new investigation by Bloomberg. The building’s mortgage is due in 18 months.